Intel said Wednesday that McAfee will be one of the largest cybersecurity firms and will be led by Chris Young, senior vice president and general manager of Intel's security group.

Intel will get $3.1 billion cash and retain a 49 percent stake in the new company. TPG, based in Fort Worth, Texas, will invest $1.1 billion in McAfee and own 51 percent of the company. The transaction is expected to close in the second quarter next year.